Smith later became the league's eighth commissioner and oversaw the league's ill-fated attempt to expand to the United States.[1] Smith then oversaw the re-location of the Baltimore Stallions to Montreal, where they became the Montreal Alouettes for the CFL's 1996 season. After resigning as commissioner, Smith served as president of the Alouettes from 1997 to 2001 and has again served in that role since March 2004.

On December 18, 2010, he was summoned to the Canadian Senate on the advice of Prime Minister Stephen Harper and sat as a Conservative. Following his appointment to the Senate, Smith announced his intention to seek the nomination to run as a Conservative candidate in Lac-Saint-Louis in the next federal election.[3] When asked in a television interview why he accepted the appointment while intending to run for a Commons seat, Smith complained that he was taking a "dramatic, catastrophic" pay cut by serving as a senator,[4] a remark for which Smith has been criticized.[5]

Smith was defeated in his attempt to enter Parliament, placing third behind the incumbent Liberal MP and the NDP candidate, and it was announced on May 18, 2011, he would be re-appointed to the Senate.